Chemung Financial Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags
Chemung Financial (NASDAQ:CHMG) Full Year 2023 Results
Key Financial Results
Revenue: US$95.7m (flat on FY 2022).
Net income: US$25.0m (down 13% from FY 2022).
Profit margin: 26% (down from 30% in FY 2022).
EPS: US$5.28 (down from US$6.13 in FY 2022).
CHMG Banking Performance Indicators
Net interest margin (NIM): 2.85% (down from 3.05% in FY 2022).
Cost-to-income ratio: 66.2% (up from 61.7% in FY 2022).
Non-performing loans: 0.53% (up from 0.45% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Chemung Financial Revenues Beat Expectations, EPS Falls Short
Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.6%.
The primary driver behind last 12 months revenue was the Core Banking segment contributing a total revenue of US$84.2m (88% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$53.0m (75% of total expenses). Explore how CHMG's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's share price is broadly unchanged from a week ago.
Balance Sheet Analysis
While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on Chemung Financial's balance sheet.
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